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Trade improves at Inglis yearling sale on day two

Inglis easter sale day two: comparative figures
2009 239 207 167 80.6 45,287,500 272,816 210,000
2008 200 176 146 82.9 48,210,000 330,205 220,000

LOCAL syndicate manager Dean Watt led a turnaround on day two of Australia's flagship Inglis Easter Yearling Sale when paying A$1.8m for a son of Encosta De Lago offered by Emirates Park Stud.

The colt's dam Show Dancing is a half-sister to Shantha's Choice, the dam of Australia's leading stallion Redoute's Choice. She is also a half-sister to the Group 1 winners Umatilla and Hurricane Sky.

Watt beat off the challenge of Colm Santry, who was bidding on behalf of John Magnier.

Prices had dropped 40 per cent on 2008 figures on day one, but rebounded on Monday with a rise of some 20 per cent to an average of A$272,816 for the day and A$253,474 for the sale. The median on day two rose by more than 33 per cent on Sunday's opening session to $210,000 for the day and A$190,000 overall. Even more positive was a clearance rate of 79.8 per cent.

On a day when four yearlings made it to seven figures, Watt's purchase for his Dynamic Syndications group set a standard that left buyers and breeders predicting a quick return to pre-recession levels.

Ferguson optimistic for the future
John Ferguson, one of the world's most influential bloodstock figures, joined in the buying, and the optimism, and having spent more than A$5 million on behalf of Darley Australia on 11 yearlings so far at the sale, Ferguson said he believed prices had found a new level and would now stabilise.

 "The fall in prices has been significant," he said. "But I believe the rise will be quicker here in Australia than in some other countries because of the infrastructure that is in place here."
But he still felt that there needs to be a readjustment of service fees in order to restore health to the market.

At Tuesday's second session top  Darley purchase was a Redoute's Choice colt out of Wiener, a sister to the Group 1 winner Snitzel and the Group 3 winner Viennese.

Patinack gets involved
After making a quiet start to the sale season, Patinack got right back into the action paying A$1.2 million for a Redoute's Choice colt from Tugela, the mother of triple Melbourne Cup winner Makybe Diva. Overall, Patinack has paid A$4.81 million for 12 yearlings so far.

Gold not impressed
While Sheikh Mohammed's Darley has set the pace by volume at the Easter Sale, the Shadwell group, controlled by his brother Sheikh Hamdan al Maktoum, has also made its mark with 10 yearlings bought so far at an overall cost of A$3.215 million.
Angus Gold of Shadwell said that while value existed in the market, the quality of recent years was missing.

"The quality at the top end isn't what it has been in the past few years," he reported. "Finding a stallion prospect is very difficult."

Adding that he believed the quality of the Redoute's Choice progeny in particular wasn't what he had hoped for.

Redoute's leading stallion
Despite that, Redoute's Choice is easily the hottest stallion at the sale; his 38 yearlings sold have fetched an aggregate of A$19.5 million at an average of A$514,000.

Second on the sires' aggregate list after two sessions is Galileo with eight sold at an average of A$492,300, followed by Encosta De Lago whose 35 yearlings sold have fetched an aggregate of A$13.385 million at an average of A$382,429.
Inglis managing director Mark Webster said the figures are now where he had anticipated.

 "Clearly, vendors and buyers were finding their feet with the market yesterday, but there was much more confidence around the sales ground today and the market is now where we expected it to be pre-sale.

"To have a day of selling with a gross in excess of $45million and average better than $270,000 in this current climate is an outstanding result and even more pleasing is to see the clearance rate steadily climbing as the sale continues."
The three-day sale continues on Tuesday.





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